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Intangible Determinants Of Market Value In The New Economy: A Dynamic Panel Data Analysis Of The Indian Software Industry

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  • SUPRIYO DE

    ()
    (Faculty of Economics and Business, The University of Sydney, Sydney, NSW 2006, Australia; Ministry of Finance, North Block, New Delhi 110001, India)

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    Abstract

    Intangible assets like human capital and organization capital have driven the success of India's software industry. This article analyzes the impact of intangible assets on the market value of Indian software firms using a dynamic panel data model. Measures of tangible and intangible assets are constructed using firm-level panel data. The estimation technique uses system generalized method of moments (GMM) and minimum distance estimation (MDE). This methodology accounts for unobserved firm heterogeneity, endogenous explanatory variables and persistent variables. The results conclusively show that intangible assets have a significant impact on market values of Indian software firms.

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    Bibliographic Info

    Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal The Singapore Economic Review.

    Volume (Year): 54 (2009)
    Issue (Month): 03 ()
    Pages: 379-398

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    Handle: RePEc:wsi:serxxx:v:54:y:2009:i:03:p:379-398

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    Related research

    Keywords: Dynamic panel data; Indian software industry; intangible capital; new economy; market valuation; C23; G12;

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    Cited by:
    1. De, Supriyo, 2014. "Intangible capital and growth in the ‘new economy’: Implications of a multi-sector endogenous growth model," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 28(C), pages 25-42.

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